Payment one day late

YorkshireBoy

justmarried06 wrote:

I've had a few payments late by one day over the last few months where MBNA kept moving the payment due date and the bank transfer not going through until a day after the due date

At the risk of stating the obvious, the payment due date will change depending on the number of days in the month. Other factors affecting your ability to pay on time (by manual funds transfer) will be weekends and bank holidays. Why don't you set up a DD?

I requested a copy of my credit file last week and none of these 'late' payments show and everything is on a green light for that card.

On all 3 agency reports?

Rafter

Mutton_Geoff wrote:

TBH a single late payment under 3 months doesn't have a large impact on applying for credit in the real world

It caused Barclaycard to offer me a rate of 7.7% instead of their headline 5.6%, almost 50% higher and costing £1,000 in extra interest over the term of the loan. This was for one late payment in 20 years. BC only keep records for last 6 years so this single blemish cost me dearly!

I turned down the loan.

Geoff,

Are you sure this is the reason?

I think it is far more likely that you declined the overpriced payment protection insurance.

As banks have to offer 66% of customers the advertised rate if they marked up everyone with a single blemish like this they would have hardly any customers left to choose from!

R.

Mutton_Geoff

Rafter, I have copies of my credit rating from Experian and Equifax, there is not a mark on it other than the single "1" in the Barclaycard payment history. I still paid that card off in full albeit a week late that month. I paid the interest charge but the late payment fee was refunded.

I have never missed a mortgage payment, ever, never had any other adverse history, have very little left on my mortgage on a large house, have a very good job which is reasonably secure. I have tarted cards over the last couple of years and was using the loan to settle the balance and invest in a small business I operate. Perhaps I was too cocky, but I thought I'd sail through the checks. I have an Openplan mortgage arrangement with Barclays with plenty of headroom at 5.5% so I used that instead although I preferred a structured loan so I could lose the interest against my business.

Perhaps it is because I didn't take up the insurance? I already have a policy provided by my employer that pays handsomely if I am unable to work so don't feel the need for additional cover.

With 20+ years with Barclays/Barclaycard, I'm now in the process of moving accounts and closing the card as a result of the loan offer and a major c*ck up the bank made with my account recently.

Call_Centre_Monkey

Even if a late fee gets refunded, the mark still tends to exist on your credit file. The only time the late fee wouldn't be showing on the credit file is if the bank have corrected it after the error being theirs.

**purplemoon**

Well I gave them a call to ask if they might refund my charges and the answer was NO!!- not a chance, and to add insult to injury I will also be charged interest for the next TWO months

And yes, it will be reported to the CRA's and marked against me on my files, which I'm really upset about, but not half as upset as the comment made by the CS person I spoke to - "it's about time we made some money out of you!" - so I think I'll be closing that account once I've paid the interest they're going to charge me :mad:

bbruce

**purplemoon** wrote:

Well I gave them a call to ask if they might refund my charges and the answer was NO!!- not a chance, and to add insult to injury I will also be charged interest for the next TWO months

That's a surprise as even the new ones give you a break - maybe 50%.
The old established companies usually refund in full on the first "offence".
Perhaps it's because lower penalties have recently been implemented.
You should have replied to "it's about time we made some money out of you!" with "this will be your last lot as I'll be closing my account" and they might have called their supervisor.

YorkshireBoy

**purplemoon** wrote:

...and to add insult to injury I will also be charged interest for the next TWO months

Not if you heed my advice in post #6 you won't.

CBrown_3

I've also suffered through a few late payments on one particular card, usually by just one day, and always through an oversight due to a busy working life. I should have set up a DD, I know, but I thought this way, if I pay it off myself, then I will always pay more than just the minimum amount and I'll pay it off quicker. As it is, I always pay much more than the minumum amount, but that doesn't seem to make an impression on credit card companies.

My question is - if I pay this offending card off in full and cancel it, will it improve my credit rating which will now have suffered because of these late payment letters I have received over the last few years?

inmypocketnottheirs

CC companies do not provide information on a daily basis to the credit reference agencies, generally just once a month. As long as your account is up to date when they register information you will be ok. It would be sheer bad luck for the day that you are late to be the day they transfer the information.

I am sure that you will be ok.

kuohu

CBrown wrote:

I've also suffered through a few late payments on one particular card, usually by just one day, and always through an oversight due to a busy working life. I should have set up a DD, I know, but I thought this way, if I pay it off myself, then I will always pay more than just the minimum amount and I'll pay it off quicker.

Best way to do it (in my opinion) is minimum payments via DD, and extra payments using internet banking. This way, you won't suffer any more late payments and can still reduce the balance at your own increased pace using the extra overpayments.